Rapper T.I Sued in Alleged Cryptocurrency SCAM ‘FLiK’ Token

The rapper known as T.I. has reportedly been sued for his involvement in a cryptocurrency token scam that left investors high and dry.

Rapper T.I. Accused of Defrauding Crypto Investors with FLiK Tokens

According to celebrity gossip outlet TMZ, rapper T.I., whose real name is Clifford Joseph Harris Jr., is being sued to the tune of $5 million by a group of 25 individuals claiming that the hip-hop star peddled a cryptocurrency token that ultimately turned out to be a fraud. The 25 individual investors claim that they invested over $1.3 million into a pump and dump scheme led by the rapper and his business colleague Ryan Felton.

T.I. and Felton are alleged to have used “social media, celebrity endorsements, and well-known industry experts to create the false impression that FLiK Tokens were a valuable liquid investment.”

The pair had incorrectly claimed that comedian Kevin Hart would join the project as the face of the company and as an “owner.” However, the claim turned out to be false, misleading those who considered investing in the FLiK token. Mark Cuban was another name thrown around, with Felton suggesting that the “Shark” and Dallas Maverick’s owner himself had invested in the project.

The suit claims that T.I. had used investors funds to drive up the price of the FLiK token, and then as soon as that happened, T.I. and Felton began selling their holdings, causing the price to plummet. Felton attempted to blame the devaluation on T.I. gifting the cryptocurrency tokens to family members, who had begun cashing out when the price increased. According to price data from CoinMarketCap, FLiK reached an all-time high of $0.21 on October 17, 2018. FLiK tokens are now priced at $0.0009 each – a significant fall.

The two join the likes of Floyd Mayweather, and another hip-hop producer, DJ Khaled, in being added to the growing list of celebrities being sued for endorsing fraudulent cryptocurrencies.

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

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Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…